The public has been captivated by the activities of a billionaire whale who has been making Bitcoin BTC -0.53% purchases. The actions of this whale have left many puzzled. In a day ARB experienced a 50% surge and there is another lesser known cryptocurrency that is, on the brink of doubling in value.
Recent developments surrounding the Bitcoin ETF announcement have brought changes to on chain data. Despite the state of the Bitcoin price there are underlying currents at play. Suddenly a mysterious force swooped in and acquired hundreds of thousands of Bitcoins swiftly moving them from exchanges to secure wallets. As a result there has been a decrease in the Bitcoin supply available on exchanges.
If we reflect on what happened a month when Bitcoin was valued at $38,000 we’ll notice a similar situation occurred back then. After the price surged to $44,000. Therefore it’s wise to be cautious when observing movements in data. The key players entering this market are largely associated with Coinbase in the United States; consequently this has led to a decline in Bitcoin holdings within Coinbase itself—reaching its level since 2015.
It appears that some individuals are eager to increase their holdings before the ETF approval takes place. This explains why the price of Bitcoin has been skyrocketing without experiencing any setbacks, along the way. It turns out that people have been consistently accumulating tokens during this time—an approach that carries an air of legitimacy.
Are institutions really so kind as to manipulate the market for investors by driving up prices? Of buying in at $30,000 they opt to do at these elevated levels. Based on experiences it is likely that Bitcoin will see a turnaround after the launch of the ETF early next year possibly retracing back to, around $38,000.
When compared to Bitcoin, the outlook for the Ethereum ETH 3.95% ecosystem appears promising and sustainable. As a result it is worth paying attention to and eagerly anticipating developments in the Ethereum ecosystem. The current market is going through a phase of upgrading that will have an impact on major market trends in the upcoming months.
The ongoing “Cancun” upgrade is progressing with momentum. Receives daily updates. The founder himself took the stage at a developer forum. Delivered a speech explaining the substantial technological advancements that this upgrade will bring.
Of note is Arbitrums advancement which has been hailed as reaching stage one of Layer 2 expansion. Current technologies like OP and ZK are still at stage zero while Arbitrum has already entered stage one showcasing its strength without a doubt. Yesterday Arbitrums price experienced a surge of 50%. Although over 80% of its supply will be unlocked next year I believe OPs performance will be more resilient, in the long term.
Furthermore the impact of this upgrade might extend beyond the future; it could continue to generate excitement to the recent surge caused by the Bitcoin ETF. The completion of the Cancun upgrade will require a minimum of three to four months.
During this period OPs potential, for growth is uncertain. Could reach levels. It has already surpassed its record high. Ventured into unexplored territory. Although there are some uncertainties in the term OP is expected to perform during the Kankun upgrade in the upcoming months. Any significant decline presents an opportunity to get involved, such as at the support level.
In fact many may not fully realize the potential of 3U with related ecosystems like IMX and SSV experiencing value increases. Short term investors should closely monitor market dynamics and changes in information to identify investment prospects.
Cancun is set to undergo updates in the following periods with a developer conference scheduled for January 4th. For short term investors January 23rd presents a time frame, for positioning themselves. Retail investors often acquire information after its release potentially missing out on entry points. In the world of cryptocurrencies the value of information asymmetry cannot be measured accurately.